State whether each of the following is true or false.

1. Revenue is measured at the fair value of the consideration given by the seller.

2. Revenue is measured at the transaction price that is allocated to that performance obligation.

3. If payment for the goods or services is deferred, the fair value of the consideration will be less than the nominal amount of the cash receivable.

4. A swap or exchange for goods or services of a similar nature and value generates revenue.

5. A swap or exchange for goods or services of a distinct nature and value shall be accounted for in the same way it accounts for other purchases from suppliers.

6. Collectability of amounts due from customers is a measurement issue, not a recognition issue.

7. If sales consideration includes discounts that is dependent upon future events, the sales must be recorded only when the outcome is confirmed hence the sales consideration can be determined with sufficiently reliability.